Fitch Ratings-Milan/London-12 October 2017: Fitch Ratings has assigned Banca IFIS’s (IFIS, BB+/Stable/bb+) EUR400 million subordinated Tier 2 issue (ISIN: XS1700435453) a final rating of ‘BB’.
The final rating is line with the expected rating, which Fitch assigned to the notes on 6 October 2017 (see ‘Fitch Rates IFIS’s Subordinated Tier 2 Notes ‘BB(EXP)”). The notes have been issued under IFIS’s EUR5 billion EMTN programme and qualify as Basel III-compliant Tier 2 debt. They
contain contractual loss absorption features that will be triggered only at the point of non-viability of the bank and no equity conversion feature.
The terms of the notes include a reference to noteholders consenting to be bound by subordination provisions established by Italian law.
More information in the attached press release.